The new industrial revolution and wages

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Monograph

Identifikator:: 1804651486

URN:: urn:nbn:de:zbw-retromon-193069

Document type:: Monograph

Author:: Lauck, William Jett http://d-nb.info/gnd/173237126

Title:: The new industrial revolution and wages

Place of publication:: New York

Publisher:: Funk & Wagnalls

Year of publication:: 1929

Scope:: ix, 308 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IX. Increased consumption and prospertity accepted as an outgrowth of lower costs and higher wages

Collection:: Economics Books

LOWER COSTS AND HIGHER WAGES 21% the products of your work has to be sold abroad before you get the improved, steady wages which are based on mass pro- Juction, mass distribution and mass consumption, and before [ get the mass selling which permits low prices and small unit profits on, however, the large number of articles which allow you to keep up the high American standard of living. Before the war we Americans consumed practically every- thing we produced. But now, as a result of the World War demand and to keep up the mass production and mass dis- tribution on which depends our high standard of living, we have a producing capacity of more than 20 per cent. more goods than we consume. Unless we sell abroad in greater quantities, our home mar- ets will be glutted with goods, with inevitable stoppage of production, reduction in wages and profits, and consequent still further reduction of consumption. . . . How, then, can we get foreign countries to be increased customers of American products? First, I should say, by continuing to prove still more con- vincingly that the American method—as Europe calls our science of mass production and mass distribution—is the best tnown method of raising and holding a high standard of liv- ing. Secondly, by backing up the efforts of our representatives in Congress and officers and delegates of trade unions in securing increased good-will between nations. In this con- nection the International Labor Office, at Geneva, with which American labor is affiliated, is working with the International Management Institute, also at Geneva, to interchange data on mechanical improvements and waste-saving methods de- veloped in America and Europe, to bring more work and higher pay and profits for us all. Thirdly, by wise and discriminating spending, which will make for increased demand and so through the cycle of mass consumption, mass production and mass distribution, make for larger markets at home and abroad for the increasing prod- ucts of our own work.

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